Bitcoin Is Testing the Historical Maximum

Technical indicators:

Market Cap, billion:$187.19

% chg. over the week: +16.68

% chg. over the year: +1391.24

52 wk range: 743 - 11800

Bitcoin once again reached its historic high. Today, the BTC/USD quotations approached the mark of $11.700 on the Bitstamp exchange, which is based in Luxembourg. According to the US Commodity Futures Trading Commission, Bitcoin trading will be held on the two largest exchanges in the US. It has become known that trading Bitcoin futures on the CME Group will begin on December 18.

The current technical pattern on BTC/USD

Support levels: 10700.00, 10000.00, 9200.00

Resistance levels: 11700.00

The bullish sentiment is still prevailing on BTC/USD. At the moment, the trading instrument is consolidating in the range of 10700.00-11700.00. The BTC/USD quotes have the potential for further growth. Demand for cryptocurrency remains at a very high level.

The signals of the indicators are different. The price has fixed above 50 MA and 200 MA.

The MACD histogram has begun to decline and moved to the negative zone, which indicates a correction of BTC/USD.

Trading recommendations

We recommend opening positions in the direction of the current trend. If the price fixes above the resistance level of 11700.00, it is necessary to consider purchases of BTC/USD. The movement is tending to 12000.00-12500.00. When tracking the position, we recommend using a trailing stop.

Alternative option. If the price fixes below the support level of 10700.00, we expect the correction of BTC/USD. The movement is tending to 10000.00.

by
JustForex,
2017.12.04

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer,
and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.